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Ethereum and Solana Hit New Record Highs on Rising Interest in NFTs and DeFi


News provided by

Microsmallcap.com

08 Nov, 2021, 13:52 GMT

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FN Media Group Presents Microsmallcap.com Market Commentary

NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Ethereum set a new record high last week, pushing past $4600 and clocking in a 530% increase since the beginning of 2021. One of the factors pushing the second-largest cryptocurrency to new heights is the rising popularity of Decentralized Finance (DeFi) and non-fungible tokens (NFT) projects. Goldman Sachs global markets managing director Bernhard Rzymelka sees Ethereum climbing as high as $8,000 in the next two months. At the same time, Solana's SOL token has climbed by over 15,000% in 2021, creating an exciting opportunity for crypto and DeFi companies like WonderFi Technologies (NEO:WNDR) (OTC:WONDF), DeFi Technologies Inc., (NEO:DEFI) (OTC:DEFTF), Voyager Digital (TSX:VYGR) (OTCQX:VYGVF), Coinbase Global (NASDAQ:COIN), and HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSXV:HIVE).

WonderFi Technologies (NEO:WNDR)(OTC:WONDF), a technology company backed by Sam Bankman-Fried that provides better access to DeFi, has continued to expand its portfolio of leading crypto and DeFi assets. On November 8, the company announced its investment in the Solana ecosystem, which is backed by Sam Bankman-Fried and FTX, and includes holdings of Solana and Serum as the two largest weighted assets. Participating in the Solana ecosystem will allow WonderFi to compete with blockchain's such as Ethereum, which hosts the majority of DeFi transactions today. WonderFi also invested alongside Ontario Teachers' Pension Plan Board, Temasek, Sequoia Capital and other major investors in the US$420M Series B-1 round of FTX, the global cryptocurrency company founded by Sam Bankman-Fried.

Last week, WonderFi Technologies also announced that it has established and deployed additional proof of stake validator nodes on the Ethereum network, meaning the company now operates a total of 10 Ethereum nodes. Currently staking ETH through a validator node yields approximately 6% APY on the staked assets.

These validator nodes are critical in securing the blockchain network and validating transactions, with validators earning rewards for ordering transactions and creating new blocks. Adding validator nodes grows WonderFi's infrastructure and opens additional opportunities for the company to explore.

These recent investments are just the beginning, as WonderFi's board has approved the company's plan to purchase up to C$10 million in digital assets to expand its exciting balance of long-term holdings. The approval follows a recently-completed bought deal financing of about C$26 million, a majority of which was allocated to the company's product development and distribution. The company also allocated a portion of the proceeds to grow its digital assets portfolio.

Digital and DeFi assets are a central part of WonderFi investment strategy. WonderFi stakes its digital assets to earn yields from the investment using different strategies available in the DeFi ecosystem.

For more information about WonderFi Technologies (NEO:WNDR)(OTC:WONDF) click here.

Crypto Price Gains Create Spike in Market Activity 

DeFi Technologies Inc., (NEO:DEFI) (OTC:DEFTF) joined the Pyth network to deliver its real-time crypto pricing data. By joining the Pyth network, DeFi will gain access to comprehensive high-fidelity financial services data to build smarter smart contracts. Users of Pyth network will also have access to DeFi's market data. Meanwhile, DeFi's subsidiary Valor Inc. reported US$300 million in assets under management as of November 1, marking a $50+ million increase in two weeks. The company expects to increase its AUM following the recent launch of the Uniswap ETP.

Voyager Digital (TSX:VYGR) (OTCQX:VYGVF) announced that it will be integrating with Avalanche to include the transfer and staking of AVAX into Voyager's brokerage platform. The expansion with Avalanche will also support the cross-ecosystem development of Voyager's platform and some of Avalanche's DeFi and NFT applications. With this expansion, Voyager's customers have more wealth-building opportunities by staking or transferring AVAX, and access to NFT, DeFi applications, and tools on the Avalanche public blockchain.

Coinbase Global (NASDAQ:COIN) announced that it is upsizing its previously announced debt offering to $2 billion due to market interest. The company intends to use the proceeds for general corporate purposes including investing in product development and exploring merger and acquisition opportunities in other companies, products, and technologies. The company is also scheduled to release its financial results for Q3 2021 on November 9, 2021, and a shareholder's letter.

Meanwhile, HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSXV:HIVE) has agreed to invest C$450,000 in Network Entertainment Inc.'s NFT business. HIVE, a clean energy bitcoin mining company with facilities in Iceland, Sweden, and Canada intends to explore the NFT space starting with this investment in Network. The company sees potential in Network's plans with its rich IP portfolio. HIVE's CEO sees this investment as a win-win for both companies, given HIVE's involvement in mining ether, and the potential for growth and higher demand ether is likely to experience.

Gains in Ethereum are creating massive growth opportunities for companies including WonderFi, which acquires and stakes different digital assets.

DISCLAIMER: Microsmallcap.com (MSC) is the source of the Article and content set forth above.  References to any issuer other than the profiled issuer are intended solely to identify industry participants and do not constitute an endorsement of any issuer and do not constitute a comparison to the profiled issuer. FN Media Group (FNM) is a third-party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated with MSC or any company mentioned herein. The commentary, views and opinions expressed in this release by MSC are solely those of MSC and are not shared by and do not reflect in any manner the views or opinions of FNM. Readers of this Article and content agree that they cannot and will not seek to hold liable MSC and FNM for any investment decisions by their readers or subscribers. MSC and FNM and their respective affiliated companies are a news dissemination and financial marketing solutions provider and are NOT registered broker-dealers/analysts/investment advisers, hold no investment licenses and may NOT sell, offer to sell or offer to buy any security.

 The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of WonderFi Technologies Inc.

 FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

 This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MSC and FNM undertake no obligation to update such statements.

Media Contact:
FN Media Group, LLC
info@financialnews.com 
 +1(561)325-8757

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